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<p>A wallet moved over $30 million worth of <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> from an old wallet that had been dormant since 2011. According to <a href="https://twitter.com/Ashcryptoreal/status/1789655407280922822" target="_blank" rel="noopener noreferrer nofollow">Ash Crypto</a>, a well-known crypto enthusiast, the owner of this wallet had held onto their BTC through the cryptocurrency’s price journey from a mere $2 to $61,000.</p>
<p>This phenomenon of long-dormant Bitcoin wallets resurfacing is not an isolated incident. Chainalysis and Fortune conducted a <a href="https://fortune.com/crypto/2024/04/24/bitcoin-wallets-waking-up-lost-coins-satoshi/" target="_blank" rel="noopener noreferrer nofollow">study</a> that revealed approximately 1.75 million Bitcoin wallets, many of which have been inactive for a decade or more, currently hold 1,798,681 BTC, valued at around $110 billion as of mid-May 2024.</p>
<p>These ‘lost’ coins account for about 8.5% of the total Bitcoin supply of 21 million, with 93% of the total supply already mined.</p>
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<h2 class="wp-block-heading" id="insights-into-the-behavior-of-dormant-bitcoin-wallets">Insights into the Behavior of Dormant Bitcoin Wallets</h2>
<p>According to the survey data, the resurfacing of old wallets will continue at a steady but slow pace until the number of lost Bitcoins becomes more or less fixed, possibly settling around 1.5 million.</p>
<p>On several occasions, Chainalysis has analyzed newly active wallets and found correlations between Bitcoin price changes and wallet activity within a given week, suggesting that the price movements in the market may motivate some dormant wallet owners to move their funds.</p>
<p>While some of these dormant wallets may have been lost or abandoned, others have become active due to dedicated ‘HODLers’ who have held onto their Bitcoins for extended periods.&nbsp;&nbsp;</p>
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<h2 class="wp-block-heading" id="the-significance-of-long-term-holding-in-the-bitcoin-ecosystem">The Significance of Long-Term Holding in the Bitcoin Ecosystem</h2>
<p>The reemergence of the 2011 Bitcoin wallet and the movement of $30 million worth of BTC highlight the importance of long-term holding in the cryptocurrency ecosystem. The owner of this wallet had held onto their BTC for over a decade, weathering the volatility of the cryptocurrency market and ultimately realizing substantial gains.</p>
<p>This event serves as a testament to the potential rewards of a long-term holding strategy, as well as the resilience of Bitcoin as a store of value. It is likely that more dormant wallets will resurface, with their owners potentially realizing notable profits.</p>
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<p>The post <a href="https://captainaltcoin.com/dormant-bitcoin-wallet-from-2011-moves-30000000-worth-of-btc/" rel="noopener noreferrer nofollow">Dormant Bitcoin Wallet from 2011 Moves $30,000,000 Worth of BTC</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Dormant Bitcoin Wallet from 2011 Moves $30,000,000 Worth of BTC

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